By Jennifer Chiou
New York, May 8 - Merrill Lynch & Co., Inc. priced $20 million of floating-rate notes due May 13, 2009 linked to the S&P Diversified Trends Indicator Price Return index, according to a 424B3 filing with the Securities and Exchange Commission.
The notes bear interest at Libor minus 12 basis points. Interest is payable quarterly.
The notes will be automatically redeemed if, during the life of the notes, the closing level of the index drops to 85% of its starting level or less. In that case, investors will receive par plus three times the difference between the index return and the fees. The fees will be equal to 1.6% times the number of days that have passed since the pricing date divided by 365.
At maturity, the payout will be par plus triple the final return, which will be equal to the index return minus the fees.
Merrill Lynch & Co. and First Republic Securities Co., LLC are the underwriters.
| Issuer: | Merrill Lynch & Co., Inc.
|
| Issue: | Medium-term series C notes
|
| Underlying index: | S&P Diversified Trends Indicator Price Return
|
| Amount: | $20 million
|
| Maturity: | May 13, 2009
|
| Coupon: | Libor minus 12 bps, payable quarterly
|
| Price: | Par of $10,000
|
| Payout at maturity: | Par plus triple the final return, which will be equal to the index return less fees of 1.6% times the number of days to the valuation date divided by 365
|
| Call: | At the redemption amount plus accrued interest if the index closes below 85% of the initial level at any time
|
| Initial index level: | 1,334.08
|
| Pricing date: | May 1
|
| Settlement date: | May 12
|
| Underwriters: | Merrill Lynch & Co. and First Republic Securities Co., LLC
|
| Fees: | None
|
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